HSBC launches lowest ever fixed rate mortgage

HSBC has launched the lowest ever five year fixed rate mortgage. Borrowers with a 40% deposit or equity will be able to take advantage of a rate of 2.99% fixed for 5 years. HSBC is also offering its lowest ever 7 year fixed rate mortgage at 3.99%. Both products have a £1,499 booking fee.

Peter Dockar, Head of Mortgages at HSBC, said "Every borrower has different needs from their mortgage. We recognise that many are looking for certainty with their mortgage payments over the longer term and have launched these products to meet that demand.

"This is the lowest ever 5 year fixed rate to come to the market and with the security of our retail deposit funding we are committed to offering competitive rates to benefit our customers with what is for many, their largest monthly commitment."

For borrowers looking for a competitive rate but not looking to fix, HSBC is also today launching a range of tracker and discount rates including:*

60% LTV 2.49% 2 Year Discount (1.45% discount off HSBC SVR) - £499 fee
60% LTV 2.99% Fee-free Lifetime Tracker (2.49% above BoE BR)
90% LTV 3.84% Fee-free 2 Year Discount (0.10% discount off HSBC SVR)
90% LTV 4.79% Lifetime Tracker (4.29% above BoE BR) - £999 fee

To apply, visit hsbc.co.uk.

*Current HSBC SVR is 3.94%, current BoE BR is 0.5%